NEM Insurance Plc, has disclosed to the Nigerian Stock Exchange, that profit after tax projection for the fourth quarter will close at N3.25bn, 35% higher than N2.39bn same time in 2019.
The forecast for gross premium written is N23bn, compared to N19,76bn, achieved in 2019. A solid display of its strength to retain risks, the would be earned gross premium is N20.17bn compared to N19.76bn.
The forecast also showed the cash and cash equivalent at N10.08bn in 2020, expected rise from N.10bn stated in 2019.
NEM performance in 2019 financial year saw the company recording gross premium of N19.8b, rising by 31.3% over the previous year figure of N15.04bn. The net premium was N12.6bn, an increase of 18% over N10.7bn for the previous year.
The claim obligation was N7.4b, 22.7% more than N6.01bn for 2018. The difference between the gross claim ratio of 2018 and 2019 was 2.7% which translates to 40% and 37.3%.
“In the same vein, the net claims expenses of N3.9bn incurred in 2019 was 54.1% higher than that of the preceding period which recorded N2.6bn. The net claims ratio for the period under review was 31.2% as against that of 2018 that was 23.9%, an increase of 7.3%,” the report stated.
